The National Bureau of Statistics (NBS) has released its latest data, revealing that Nigeria’s inflation rate surged to 33.69% in April 2024, up from 33.20% in March 2024.
This 0.49% increase marks a continued upward trend in the country’s inflation rate.
The NBS report, titled “Consumer Price Index April 2024,” highlights that the year-on-year headline inflation rate was notably higher by 11.47% compared to April 2023, which recorded a rate of 22.22%.
This indicates a significant increase in inflation over the past year.
Analyzing the data further, the report indicates that the month-on-month headline inflation rate for April 2024 stood at 2.29%, a decrease of 0.73% from March 2024, which recorded a rate of 3.02%.
This suggests a slower rate of increase in the average price level in April compared to the previous month.
The NBS report underscores the persistent challenges posed by inflation in Nigeria and highlights the need for effective economic measures to curb its rise.
More details to follow…
